China Oriental Group Company Limited: Zhengda Iron & Steel shuts down remaining production equipment
2017-06-29 17:50:11 [Print]
According the announcement released by China Oriental Group Company Limited on June 27, Zhengda Steel has shut down the remaining production equipment, namely about 600,000tpy-capacity of iron-making equipment and steel-making equipment respectively, according to the agreemtn with the government of Tangshan. With Zhengda Iron & Steel shutting down the equipment, China Oriental Group has performed the required tasks.
As stated in the 2016 annual report, China Oriental Group has prepared RMB810 million of value decrease and provision for the closed and to-be-closed workshops and equipment in 2016. Thus, China Oriental Group expects that this will attach no influence on the performance in 2017.
It is known that Jinxi Iron & Steel and Zhengda Iron & Steel are affiliated companies of China Oriental Group with 97.6% and 69.3% of interests respectively. The two companies mainly engage in manufacturing and sales of steel products and trading of these products and iron ore. In addition, Jinxi Iron & Steel and China Oriental Group also engage in real estate business.
As stated in the 2016 annual report, China Oriental Group has prepared RMB810 million of value decrease and provision for the closed and to-be-closed workshops and equipment in 2016. Thus, China Oriental Group expects that this will attach no influence on the performance in 2017.
It is known that Jinxi Iron & Steel and Zhengda Iron & Steel are affiliated companies of China Oriental Group with 97.6% and 69.3% of interests respectively. The two companies mainly engage in manufacturing and sales of steel products and trading of these products and iron ore. In addition, Jinxi Iron & Steel and China Oriental Group also engage in real estate business.
